Whisk the flour, baking powder and salt in a medium bowl. Beat the butter, 1/2 cup granulated sugar and the brown sugar in a large bowl with a mixer on medium-high speed until light and fluffy, about 3 minutes. Beat in the egg, then beat in the jam, both extracts and the food coloring. Reduce the mixer speed to low and beat in the flour mixture until combined. Fold in the chocolate and dried cherries with a wooden spoon. Cover the dough and refrigerate until firm, at least 1 hour or overnight.
Position racks in the upper and lower thirds of the oven; preheat to 375 degrees F. Line 2 baking sheets with parchment paper. Put the remaining 1/2 cup granulated sugar in a medium bowl and sift the confectioners? sugar into a separate bowl. Roll heaping tablespoonfuls of dough into balls, then roll each ball in the granulated sugar and then the confectioners' sugar; shake off any excess. Arrange 2 inches apart on the prepared pans.
Bake, switching the pans halfway through, until the cookies are cracked and dry on top, about 15 minutes. Let cool 3 minutes on the pans, then transfer to racks to cool completely.